International Review of Financial Analysis最新文献_第2页

Green finance as a catalyst for energy transition: Green total factor productivity and digital economy 绿色金融作为能源转型的催化剂：绿色全要素生产率与数字经济

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-20 DOI: 10.1016/j.irfa.2025.104647

Ting Xu , Siyuan Xuan , Xiaoqin Xuan

引用次数: 0

Geopolitical risk, financial stress and renewable energy transition in China 地缘政治风险、金融压力与中国可再生能源转型

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-20 DOI: 10.1016/j.irfa.2025.104658

Xiaomei Su , Shangmei Zhao , Wei Li , Wei Fan

{"title":"Geopolitical risk, financial stress and renewable energy transition in China","authors":"Xiaomei Su , Shangmei Zhao , Wei Li , Wei Fan","doi":"10.1016/j.irfa.2025.104658","DOIUrl":"10.1016/j.irfa.2025.104658","url":null,"abstract":"<div><div>This study investigates the dynamic interactions between geopolitical risk (GR), financial stress (FS), eco-innovation (EI), and economic growth and the transition to renewable energy (GE) in China from 2000 to 2022. We apply quarterly data and the quantile autoregressive distributed lag (QARDL) method to examine the variability of these relationships across different quantiles, providing a comprehensive understanding of the conditional impacts in diverse market states. We also introduce the GR <span><math><mo>×</mo></math></span> EI interaction term, hypothesizing a conditional influence on the energy transition by positing that GR can significantly affect domestic EI. The QARDL approach is instrumental for decomposing short- and long-term effects, revealing how GR might amplify or mitigate the impact of EI on GE. The initial findings reveal a complex synergy in which EI is a potent catalyst for GE, whereas GR presents a spectrum of challenges and opportunities contingent on its interaction with EI. FS generally has a dampening effect that varies across the GE. The study integrates an analysis of China's recent policy shifts toward green energy. This is the first study to quantify GR <span><math><mo>×</mo></math></span> EI effects for China with QARDL, offering novel insights into the efficacy and timing of policy interventions. This study enriches the discourse on energy policy, underscoring the importance of understanding the conditional relationships and mechanisms pivotal for China's progress toward a sustainable energy future. The results equip policymakers with strategic insights into navigating the interplay of political, financial, and innovation-related factors to enhance the green energy transition.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104658"},"PeriodicalIF":9.8,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145118655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The “Cinderella” effect in business groups: Choosing which subsidiary is the princess 商业集团中的“灰姑娘”效应：选择哪个子公司是公主

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-20 DOI: 10.1016/j.irfa.2025.104649

Jan Hanousek Jr , Mark J. Flannery , Stephen P. Ferris , Jan Hanousek , Svatopluk Kapounek

引用次数: 0

Data asset disclosures tilt audit tone: evidence from china's A-share market 数据资产披露偏向审计基调：来自中国a股市场的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-20 DOI: 10.1016/j.irfa.2025.104657

Xiaofan Wang , Lili Yao

{"title":"Data asset disclosures tilt audit tone: evidence from china's A-share market","authors":"Xiaofan Wang , Lili Yao","doi":"10.1016/j.irfa.2025.104657","DOIUrl":"10.1016/j.irfa.2025.104657","url":null,"abstract":"<div><div><strong>With a fixed-effects model and robust empirical strategies including propensity score matching (PSM) and instrumental variable (IV) approaches,</strong> this study examines the impact of corporate data asset disclosure on auditors' behavior from the perspective of the disclosure tone in key audit matters (KAM) using textual data from the annual reports of A-share listed companies in China from 2016 to 2023. Results indicate that the level of corporate data asset information disclosure positively influences the tone of auditors' KAM disclosures. Mechanism tests reveal that corporate data asset disclosure reduces audit risk through increased corporate transparency and improved internal control quality, motivating auditors to employ more positive language in the KAM disclosure section. Heterogeneity analysis demonstrates that the positive impact of corporate data asset disclosure on KAM tone is more pronounced for high-tech firms, firms with higher research and development intensity, accounting firms with advanced information technology, and those in regions with higher digital economy development. Additionally, tests of auditors' responses indicate that while auditors use more positive language in the KAM section based on the data asset disclosure level, they maintain due professional care and competence by increasing audit inputs and enhancing audit quality, without resorting to more frequent auditor changes. <strong>These findings are robust to alternative measures of disclosure and tone, sample restrictions, and model specifications.</strong> This study provides empirical evidence in an emerging market institutional setting for understanding auditors' data asset disclosure practices <strong>and offers implications for regulators, firms, and auditors navigating the digital transformation of financial reporting.</strong></div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104657"},"PeriodicalIF":9.8,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145118564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effect of digital government construction on the enhancement of public governance capacity: An analysis based on financial information transparency 数字政府建设对公共治理能力提升的影响——基于财务信息透明度的分析

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-19 DOI: 10.1016/j.irfa.2025.104648

Fanhao Bu

{"title":"The effect of digital government construction on the enhancement of public governance capacity: An analysis based on financial information transparency","authors":"Fanhao Bu","doi":"10.1016/j.irfa.2025.104648","DOIUrl":"10.1016/j.irfa.2025.104648","url":null,"abstract":"<div><div>With the widespread advancement of digital transformation in government governance, exploring how the construction of digital government affects public governance capacity has become a hot topic in academia and policy practice. Based on provincial panel data from China spanning from 2010 to 2023, this study constructs an empirical model to systematically analyze the impact mechanism of digital government on public governance capacity. The research first verifies the positive relationship between the level of digital government construction and public governance capacity. Further regional heterogeneity analysis reveals significant differences in the promoting effect of digital government construction on public governance capacity across different geographical areas. In mechanism testing, this paper introduces the application of digital technology as a mediating variable, revealing its critical mediating role in the process of digital government influencing public governance capacity. Additionally, financial information transparency is incorporated into the analysis of the moderating effect, indicating that it has a significant positive moderating effect on the relationship between digital government and public governance capacity, and this moderating effect exhibits heterogeneity across different geographical regions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104648"},"PeriodicalIF":9.8,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145118656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Autoencoder asset pricing models and economic restrictions — international evidence 自动编码器资产定价模型和经济限制-国际证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-19 DOI: 10.1016/j.irfa.2025.104642

Lenka Nechvátalová

{"title":"Autoencoder asset pricing models and economic restrictions — international evidence","authors":"Lenka Nechvátalová","doi":"10.1016/j.irfa.2025.104642","DOIUrl":"10.1016/j.irfa.2025.104642","url":null,"abstract":"<div><div>We evaluate the performance of the Conditional Autoencoder (CAE) model by Gu et al. (2021) across U.S. and international datasets, considering economic constraints such as the exclusion of microcap and illiquid firms and the inclusion of transaction costs. The CAE model captures nonlinear relationships between returns and firm characteristics by jointly estimating latent factors and conditional betas while enforcing the no-arbitrage condition. The original study demonstrated significant reductions in out-of-sample pricing errors from both statistical and economic perspectives in the U.S. context. We validate these findings on the original U.S. dataset and show that the model generalises well to a U.S. dataset with a broader set of firm characteristics and to international markets. When economic constraints are introduced, portfolio profitability declines substantially. Profitability drops by 60%–85% when shifting from the full sample to the liquid sample before trading costs. However, after costs, only the liquid strategies remain profitable. In particular, long-only strategies on the liquid sample are the only ones to consistently outperform market benchmarks across all datasets, achieving Sharpe ratios between 0.65 and 0.78 for both equal- and value-weighted portfolios. Overall, the findings underscore both the limitations and the practical potential of the CAE model under realistic market frictions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104642"},"PeriodicalIF":9.8,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145118570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

mRORAC: A stable and market adapted risk-adjusted performance measure for capital allocation mRORAC：一种稳定的、适应市场风险调整的资本配置绩效指标

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-19 DOI: 10.1016/j.irfa.2025.104644

Ermo Chen , Lan Wu

引用次数: 0

Sustainable and socially responsible finance: Introduction 可持续和社会责任金融：导论

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-18 DOI: 10.1016/j.irfa.2025.104620

Salvatore Perdichizzi , Giuseppe Torluccio

{"title":"Sustainable and socially responsible finance: Introduction","authors":"Salvatore Perdichizzi , Giuseppe Torluccio","doi":"10.1016/j.irfa.2025.104620","DOIUrl":"10.1016/j.irfa.2025.104620","url":null,"abstract":"<div><div>This Special Issue on <em>Sustainable and Socially Responsible Finance</em> examines how sustainability considerations enter asset pricing, corporate reporting, and prudential oversight. The contributions jointly show that outcomes hinge on the interaction of heterogeneous preferences, the design and credibility of information (ratings, labels, disclosures, stress tests), and real-world constraints faced by investors, firms, and banks. Methodologically, the Issue combines portfolio construction, experimental evidence on investor motives, large-scale analyses of financial reporting around climate shocks, and market reactions to supervisory climate exercises. The unifying message is pragmatic: when sustainability information is credibly produced and appropriately integrated into decision rules, markets can accommodate alignment goals without mechanically sacrificing efficiency; where information is noisy or discretion is high, incentives and governance determine whether sustainability claims translate into real change. We conclude by outlining implications for product design, assurance, and the architecture of climate-related supervision.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104620"},"PeriodicalIF":9.8,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145096486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Institutional investor distraction and executive opportunistic stock selling 机构投资者分心，高管投机抛售股票

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-18 DOI: 10.1016/j.irfa.2025.104643

Jiahui Cao , Cheng Jiang , Yunning Zhao , Jianhui Zeng

{"title":"Institutional investor distraction and executive opportunistic stock selling","authors":"Jiahui Cao , Cheng Jiang , Yunning Zhao , Jianhui Zeng","doi":"10.1016/j.irfa.2025.104643","DOIUrl":"10.1016/j.irfa.2025.104643","url":null,"abstract":"<div><div>The study explores whether distracted institutional investors increase the opportunistic share reduction behavior of corporate executives, by using an external shock to institutional shareholders' portfolios to construct an index of institutional investor distraction. We find that institutional investor distraction increases executives' opportunistic stock selling behavior, and the findings hold through a series of robustness tests. In addition, through the economic mechanism discussion, we evidence that the institutional investor distraction increases executives' opportunistic reduction behavior by internally reducing corporate governance and externally increasing stock mispricing. Last, the study conducts heterogeneity analysis at the level of audit quality and information disclosure, and finds that institutional investor distraction is more tend to increase executives' opportunistic stock selling in firms with non-Big 4 audit and poorer information disclosure quality. Our findings reflect the vital role played by institutional investors in corporate regulation and emphasize the importance of institutional investor regulation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104643"},"PeriodicalIF":9.8,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145118569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate governance mechanisms and non-financial disclosure quality: Evidence from sustainability committee, external CSR assurance, and stakeholder engagement 公司治理机制与非财务披露质量：来自可持续发展委员会、外部CSR保证和利益相关者参与的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-18 DOI: 10.1016/j.irfa.2025.104645

Ishwar Khatri , Paul Einar Giskås , Anneli Kalliainen Kyrrø , Frode Kjærland

{"title":"Corporate governance mechanisms and non-financial disclosure quality: Evidence from sustainability committee, external CSR assurance, and stakeholder engagement","authors":"Ishwar Khatri , Paul Einar Giskås , Anneli Kalliainen Kyrrø , Frode Kjærland","doi":"10.1016/j.irfa.2025.104645","DOIUrl":"10.1016/j.irfa.2025.104645","url":null,"abstract":"<div><div>This paper investigates the relationship between corporate governance mechanisms and the quality of non-financial disclosures. Specifically, we examine whether the presence of a sustainability board committee, third-party assurance, and stakeholder engagement practices are associated with disclosure quality, measured by abnormal non-financial disclosures. Using a hand-collected dataset of 1089 annual reports from Swedish listed companies between 2013 and 2021, our study reveals that the existence of sustainability committees and stakeholder engagement practices tends to reduce abnormal non-financial disclosures, while third-party assurance appears insignificant. In additional analyses, we examine how these governance mechanisms interact when combined and find that the main results persist even after accounting for interaction effects, though the effects of interactions themselves are inconsistent. Furthermore, we assess the relationship before and after the mandatory non-financial reporting regulation under EU Directive 2014/95/EU. Our findings suggest that the regulation substitutes the role of sustainability committees but complements stakeholder engagement. Overall, our study indicates that these corporate governance mechanisms can serve as effective alternative tools for enhancing the quality of non-financial disclosures.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104645"},"PeriodicalIF":9.8,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145118568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0